A new international accounting standard comes to New Zealand

We have just issued NZ IFRS 20 Regulatory Assets and Regulatory Liabilities, bringing this new international accounting standard into New Zealand and maintaining our alignment with international financial reporting standards. 

Effective for periods beginning on or after 1 January 2029, the standard applies to Tier 1 and Tier 2 for-profit entities subject to rate regulation. It introduces a new accounting model to make the financial effects of rate regulation more visible. 

For New Zealand, international alignment helps ensure our financial reporting remains comparable and trusted globally, while still allowing us to consider our local context. NZ IFRS 20 demonstrates that balance in practice: internationally aligned and locally relevant.